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Mon 29 Feb 2016 01:53 PM

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UAE aluminium giant sees revenues slip by $299m in 2015

Emirates Global Aluminium blames lower prices for drop in sales revenues while net income almost halves

UAE aluminium giant sees revenues slip by $299m in 2015
(Photo for illustrative purposes only)

Emirates Global Aluminium, jointly owned by Mubadala Development Company and the Investment Corporation of Dubai, has announced that sales revenues fell by AED1.1 billion ($299.4 million) in 2015 due to lower prices.

The company said in a statement that revenues reached AED 18.7 billion in 2015, compared to AED19.8 billion in 2014.

It added that net income totalled AED1.9 billion in 2015 compared to AED3.7 billion in 2014.

Abdulla Kalban, EGA managing director and CEO, said: “Last year was challenging for the aluminium industry, largely due to global macro-economic uncertainty, growth slowdown in China, a stronger US Dollar and falling oil prices.

"In this climate, EGA’s strong results reflect the high quality of our planning, a focus on our customers and strength in operations.”

The company said it produced 2.4 metric tonnes in sales of aluminium to more than 250 customers around the world, a 4 percent increase compared to 2014.

It added that over 225,000 tonnes of aluminium was sold in the UAE, supporting the continued growth of downstream manufacturing industries.

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